SA’s 30% offshore allocation rule: it’s a dirty trick – ask Magnus Heystek

Magnus Heystek is one of the most popular columnists at BizNews.com. The former personal finance editor, author and founder of award-winning Brenthurst Wealth Management has a gift for writing about money in an engaging style and, perhaps equally importantly, a rare talent for de-mystifying complex issues. Above all, he doesn’t fall for BS, and is prepared to take on the big guns that many others are too scared to criticise.

Heystek has been on top form in recent weeks. He has grown his base of fans – and critics – as he exposes the stark reality that many investment providers don’t want you to diversify with offshore exposure. In November, the authorities back-tracked on an easing of exchange control restrictions that would have allowed greater access to offshore investments, which have far outperformed domestic assets – under pressure from big companies. For the full details, see this article: ‘Magnus Heystek on Regulation 28: Hell hath no fury like vested interest scorned‘.

This is the upshot: Although many of the wealthy people who work in the fund management industry whinge about the limitations of exchange controls, they would rather we keep our money in SA – because this protects their income streams. But, domestic returns have been dismal in SA. And costs have further eroded any gains.

Heystek’s supporters are adding their voices, by submitting their views to [email protected] (read the statement from the SA Reserve Bank, Financial Sector Conduct Authority and National Treasury here). Listen to these important discussions on the issue, here:

PS: Your money after the year of Covid-19. Joining us at today’s BizNews Finance Friday are independent advisors Dawn Ridler of Kerenga Wealth Ecology and Candice Paine of PR Financial Services. We’re taking a look back at the big money questions this year and how to plan for 2021. Free. Register to participate: https://register.gotowebinar.com/register/6646694434270030861.

 

Letters to my in-box

From GC

Jackie Cameron and Alec Hogg – The new Sidney Powell and Rudy Giuliani of South Africa.

Oh, and while we’re at it, let’s designate Magnus Heystek the boer version of Lin Wood.

You are all displaying such bravery and fortitude in your attempt to shine a light on the deep swamp of South Africa.

Keep fighting the fight. I am very proud

From anonymous

 

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